It’s the process of evaluating the feasibility of a new product or service, through  research. By analyzing many factors such as the market size, number of competitors  and presence, we discover valuable insights about the target market, price range, and opportunities to make informed decisions. It helps us  understand or examine the market associated with a particular product or service.

The information obtained from conducting market research can be used to tailor  marketing/ advertising activities or to determine what are the feature priorities/  service requirements (if any) of consumers.